ASB Bank to merge with its finance subsidiary and take over its debt obligations

LONDON, UK: ASB Bank Limited (ASB), one of New Zealand’s leading banks, has announced that it will merge with its wholly-owned finance subsidiary, ASB Finance Limited (AFL), under the provisions of the Companies Act 1993 (New Zealand). The merger is expected to take effect on 15 June 2023.

As a result of the merger, ASB will assume all the rights and obligations of AFL as the issuer of the Euro Medium Term Notes listed on the London Stock Exchange plc, which are detailed in Annex 1 of the notice given by AFL to the note holders. The note holders will receive ASB as their new issuer on the same terms and conditions as the existing notes.

ASB said that the merger and the substitution of issuer are part of its ongoing capital management strategy and will simplify its corporate structure and funding arrangements. ASB said that it has sufficient financial resources and credit ratings to meet its obligations under the notes.

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